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GARLAND, TX-With a seller willing to finance the deal, a half-leased, 50-unit complex has been turned over to a limited liability company from Los Angeles, one of four solid offers netted in 1.5 days of marketing. The deal closed for slightly less than the $1.2-million ask.

Al Silva with Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com that the rapid-fire collection of contracts was due to “the seller financing, low price per unit and a property in pretty good condition.” He says Casa Blanca Village LLC, deploying gain from a 1031 exchange of a multifamily sale in Los Angeles, made the close with a two-year loan from Ivan Coelho of Greenville, TX for White Rock Village at 2165 Highland Dr. Silva says the complex wasn’t a candidate for conventional financing, but the seller’s 90% loan-to-value package included terms like a 6% fixed-rate interest and 30-year amortization in a wrap-around note.

Silva says the deal closed within 21 days, allowing a 14-day inspection period. “There was no bank to deal with so it went through quickly,” he explains.

The buyer’s upside lies in filling units because rents already are above market, according to Silva. The mix of one-, two- and three-bedroom units cost $575 to $900 per month. Units range from 780 sf to 980 sf, with 32 of the 50 apartments being two-bedroom designs of 840 sf.

The first-time Texas buyer got an all-bills paid property. Not only will management change to an in-house team, but the plan includes sub-metering the apartments to add to the upside, according to Silva, who teamed with Marcus & Millichap’s John Barker to steer the sale.

Silva says the seller is in the process of retiring. A second holding, the 18-unit Indian Village at 713 Apache Rd. in Garland, is under contract.

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